However, employers will likely have some difficulty in knowing how to handle the January 1, 2018, effective date that has been assigned for many provisions in the House and Senate tax reform proposals, especially for the purposes of income tax withholding.
The bill would facilitate lifetime income disclosure, clarify the current annuity selection safe harbor and expand access to multiple employer plans.
Hartford Funds adds ETF seeking tax-exempt income, and Wilmington Trust releases Margin Management solution with AcadiaSoft Services.
In addition to being barred as serving as a fiduciary for five years, the fund manager is ordered to make more than $45,000 in restitution to the plan, according to a Department of Labor news release.
INSIDE THE MAGAZINE PLANSPONSOR October 2017
It allows users to instantly benchmark their own plan metrics against Vanguard’s nearly 2,000 recordkept plans.
The move is designed to protect pensions for Kroger associates who participate in the Central States Pension Fund, which is projected to go insolvent in 2025.
All employees would have 6% of their income contributed to a workplace retirement plan and have these contributions automatically escalated each year.
Preston Rutledge seems to be enjoying relatively little opposition as he moves closer to becoming the Assistant Secretary of Labor for the Employee Benefits Security Administration—a key position in the federal government tasked with enforcing ERISA.
Investors are generally capable of looking out for their own interests and should have freedom of access to shop the financial services marketplace for retirement income guarantees, the Insured Retirement Institute argues in a new comment letter to the SEC.
Nearly two-thirds (64%) of multiemployer plans are in the green zone, according to data from Segal Consulting.
As laid out by a Finhabits report, very few workers save for retirement unless their employer offers them a retirement plan; as a result, only 30% of small-business workers are saving for retirement in the U.S.
House and Senate Democrats warned that, if nothing is done, many of the more than 200 multiemployer plans in the U.S. are projected to fail within just the next 10 years.
Data shows that only 20% of people 65 and older were in the workforce in 2016, yet 56% of workers plan to continue to work, at least part-time, in retirement due to inadequate savings, the Transamerica Center for Retirement Studies found.
The bill would allow retirement plan sponsors to automatically default participants into receiving plan documents and statements online.
One applies to multiemployer benefit plans and the other applies to single-employer benefit plans.